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December 2016

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Bebe stores, Inc., a global specialty retailer, which designs, develops, and produces a distinctive line of contemporary women's apparel and accessories , has announced major leadership changes.

Manny Mashouf has rejoined Bebe's management team as chief executive officer and that Walter Parks has rejoined as president, chief operating officer, and interim-chief financial officer. Former chief executive officer and Board Member Jim Wiggett and former chief financial officer Liyuan Woo have resigned from the firm, according to a press release.

Bebe further announced that it has instituted a workforce reduction that will result in the elimination of a total of approximately 45 positions across the design, merchandising, production, information technology and support functions of the Company. This represents approximately a 14.6 per cent reduction in corporate headcount. As part of the reduction, the Company is streamlining its design and merchandising teams, while reducing support functions in recognition of the rationalisation of the store base.

As a result of the restructuring, the Company expects to incur a one-time severance charge of approximately US $3.7 million in the third fiscal quarter of 2016. These reductions are expected to yield annualised pre-tax cost savings of approximately US $6.0 million.

Mashouf said, “I am extremely pleased to be returning to Bebe as CEO. I also look forward to working with Walter as his deep financial knowledge, as well as his long history with the Bebe brand, makes him a great addition to our team. We believe the changes we are implementing will enable us to become a leaner and more nimble organisation, allowing us to increase our focus on profitability while enhancing our product offering.” (GK)